This empirical study is concerned with the extent to which news announcements affect the performance of common equity securities of oil and gas producing companies. The market effects of news announcements are considered to be of importance in resolving two issues. One concerns financial statement disclosure and the second concerns examination of prior oil and gas industry-related accounting research. This dissertation assumes capital market efficiency and addresses two research questions: do news announcements concerning activities of nonintegrated oil and gas producing companies affect the companies' common stock prices, and are announcements concerning nonintegrated oil and gas companies' financial, personnel, explorational, and developmental and operational activities used equally by investors in their decision-making?

This dissertation outlines the creation and history of the Fort Worth Stockyards Company from its conception to the time of this dissertation's publication. The Fort Worth Stockyards Company was created by Greenleif W. Simpson and Louville V. Niles. This company would soon cement Fort Worth as the premier livestock producer in America, soon surpassing Chicago.